IRS adjusts HSA amounts for inflation in 2025
Accounting Today
MAY 9, 2024
The Internal Revenue Service issued the annual inflation adjustments for health savings accounts in 2025 as prices continue to rise.
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Accounting Today
MAY 9, 2024
The Internal Revenue Service issued the annual inflation adjustments for health savings accounts in 2025 as prices continue to rise.
Anders CPA
APRIL 23, 2024
The Tax Cuts and Jobs Act (TCJA) of 2017 was a major tax reform law that overhauled the US tax code, affecting both businesses and individuals. Most of the tax changes made by the TCJA are set to sunset or revert to their previous state at the end of 2025. million to $11.2 million to $11.2 million to $11.2
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RogerRossmeisl
MARCH 14, 2021
Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). Are you a business owner thinking about hiring?
TaxConnex
MAY 7, 2024
There’s always something changing in the world of tax, especially sales tax. A bill that would raise the online sales tax in Alabama is progressing with state lawmakers. The current Alabama sales tax is 8% for online purchases, the same as for purchases at the state’s brick-and-mortar stores. Leveling the field.
CPA Practice
AUGUST 2, 2023
Treasury Secretary Janet Yellen announced on Wednesday that the IRS has set a goal to go paperless by 2025. Today, we are announcing that, by the next filing season, taxpayers will be able to digitally submit all correspondence, non-tax forms, and notice responses to the IRS.” That has generated about $38 million in recoveries.
Accounting Today
AUGUST 29, 2023
New Zealand will introduce legislation this week that enables a digital services tax on large multinational companies, though the levy won't be imposed until 2025.
Cherry Bekaert
JUNE 15, 2023
Upcoming Changes to Estate Planning Laws: Start Preparing Now Elevated Gift Tax Exclusions Will Sunset after 2025 The 2017 Tax Cuts and Jobs Act (TCJA) nearly doubled the lifetime estate and gift tax exemption from $5.6 million to $11.18 million for individuals, indexed for inflation after 2018. million ($25.84
RogerRossmeisl
FEBRUARY 18, 2024
If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Be aware that this deduction is only available through 2025, unless Congress acts to extend it. The post 9 Tax Considerations if you’re Starting a Business as a Sole Proprietor appeared first on Roger Rossmeisl, CPA.
Withum
JANUARY 2, 2024
Pennsylvania Senate Bill 815, signed into law on December 14, 2023, amended the Pennsylvania tax code to recognize irrevocable grantor trusts for tax years beginning after January 1, 2025. These transactions will now be disregarded for Pennsylvania income tax purposes as well.
TaxConnex
MARCH 21, 2024
There’s always something changing in the world of tax, especially sales tax. The Court of Appeals of South Carolina has affirmed a state Administrative Law Court (ALC) finding that the online retail giant remains liable for eight figures in unpaid sales tax on third-party sales from 2016, interest and penalties. The ol’ one-two.
RogerRossmeisl
JUNE 19, 2023
If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. Are you getting ready to retire? You can withdraw more than.
RogerRossmeisl
NOVEMBER 9, 2023
Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. What’s considered a casualty for tax purposes? Note: The post Casualty Loss Tax Deductions May Help Disaster Victims in Certain Cases appeared first on Roger Rossmeisl, CPA.
RogerRossmeisl
AUGUST 28, 2022
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. Here are some examples.
TaxConnex
FEBRUARY 15, 2024
There’s always something changing in the world of tax, especially sales tax. B&O responsibility: A Washington State appellate court has found two sellers responsible for sales tax and business and occupation (B&O) tax on sales made through Amazon’s Fulfillment by Amazon (FBA) program. No refund, stat!:
CPA Practice
MARCH 18, 2024
By Ken Berry The monumental Tax Cuts and Jobs Act—signed on December 22, 2017—featured a slew of provisions affecting individuals and business entities. Although there are exceptions, many of the provisions for individuals are scheduled to expire after 2025. Notably, it reduced the top income tax rate from 39.6%
RogerRossmeisl
JULY 16, 2022
As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.
TaxConnex
JANUARY 4, 2024
No year’s ever dull in sales tax, and the pace has only accelerated in the five years since the Supreme Court’s Wayfair decision. As we start the new year, here’s a look back at some significant sales tax events from 2023. This year, multiple states introduced new sales tax exemptions, too.
CPA Practice
MARCH 8, 2024
By Joy Taylor, Kiplinger Consumer News Service (TNS) Taxes will be center stage in 2025 and 2026. Much of the 2017 tax law expires after 2025. Most provisions impacting individuals and estates end after 2025. Extending the tax breaks won’t be easy, though politicians may feel they have no other choice.
CPA Practice
MAY 9, 2024
Erik Wasson Bloomberg News (TNS) The cost of extending the 2017 tax cuts for households, small businesses and the estates of wealthy individuals enacted under President Donald Trump has expanded to $4.6 Extending the personal income tax cuts will cost $3.8 Extending the personal income tax cuts will cost $3.8 trillion alone.
CPA Practice
APRIL 15, 2024
April 15 isn’t just Tax Day. Vault’s ranking for 2025 came out Monday morning, and for the 12th straight year, PwC was named the top accounting firm in the U.S. Vault’s top accounting firms for 2025 are (previous year’s ranking in parenthesis): 1. KPMG (3) 3. BDO USA (4) 5. Plante Moran (7) 6. CohnReznick (9) 7. RSM US (5) 9.
Withum
JANUARY 16, 2024
We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need.
RogerRossmeisl
APRIL 17, 2024
The qualified business income (QBI) deduction is available to eligible businesses through 2025. So if you’re eligible, you want to make the most of the deduction while it’s still on the books because it can potentially be a big tax saver. After that, it’s scheduled to disappear. How is QBI defined?
Withum
FEBRUARY 1, 2024
7024, Tax Relief for American Families and Workers Act of 2024 , by a wide bipartisan vote of 357 to 70 yesterday evening. The refundable child tax credit would continue to increase by $100 per year through Dec. The refundable child tax credit would continue to increase by $100 per year through Dec. Taiwan tax provisions.
CPA Practice
NOVEMBER 9, 2023
By Karin Price Mueller, nj.com (TNS) The IRS on Thursday released updated tax brackets and standard deductions for 2024. While the actual percentages of the tax brackets will remain the same until 2025 because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation.
RogerRossmeisl
MARCH 25, 2021
Here are some tax rules and considerations involved in operating with that entity. For tax years through 2025, the deduction can be up to 20% of a pass-through entity owner’s QBI. For tax years through 2025, the deduction can be up to 20% of a pass-through entity owner’s QBI. Your business expenses are.
Accounting Today
AUGUST 30, 2023
The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.
CPA Practice
JANUARY 3, 2024
Taylor, Kiplinger Consumer News Service (TNS) As we venture into the new year, 2024 brings a wave of changes in state taxes across the country. From gas taxes to property tax amendments and income tax cuts, being aware of these changes is crucial since state and local taxes are among the highest taxes most people pay.
RogerRossmeisl
JULY 16, 2023
Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. Note: Under the Tax Cuts and Jobs Act, employees can’t deduct their unreimbursed travel expenses on their own tax returns through 2025.
CPA Practice
MARCH 12, 2024
By Keerthi Vedantam, Kiplinger Consumer News Service (TNS) Among President Joe Biden’s requests in his newly released 2025 fiscal year budget are calls for strengthening and protecting Medicare and Social Security, moves previewed in his State of the Union address last week and ones that help to kick off his re-election campaign.
CPA Practice
MAY 3, 2024
Sales tax holidays are all the rage right now. There were about 45 sales tax holidays in 24 states in 2023 and could be even more than that in 2024. If you’re in retail, hang on to your hats and read our sales tax holiday FAQ to learn: What is a sales tax holiday? Do all states have a tax holiday? By Gail Cole.
RogerRossmeisl
SEPTEMBER 6, 2021
Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there are now restrictions that make these casualty loss tax deductions harder to take. What’s considered a casualty for tax purposes?
ThomsonReuters
JANUARY 22, 2024
By accelerating the end of the COVID-era Employee Retention Tax Credit and implementing proven tax policies from the 2017 GOP tax reform, this act aims to save taxpayers over $70 billion while promoting American competitiveness and supporting working families.
TaxConnex
MARCH 14, 2023
So far this year, multiple states have introduced new exemptions including some on necessities and at least one proposed tax credit on a politically charged kitchen appliance. Among the new laws: Virginia’s sales tax on groceries dropped to 1% from 2.5% For the people Tax breaks trumpeted by politicians also show no sign of letting up.
CPA Practice
JANUARY 2, 2024
By Joy Taylor, Kiplinger Consumer News Service (TNS) Year-end tax legislation was a no-go this December, with congressional lawmakers gone for the holidays. But there is movement behind the scenes and the hope of tax changes by mid-2024. If there is a tax package, let’s look at what could potentially be included.
RogerRossmeisl
JANUARY 14, 2024
Entities in existence prior to January 1, 2024, have until January 1, 2025, to file these reports. Penalties are steep This is part of the federal government’s anti-money laundering and anti-tax evasion efforts and is an attempt to look beyond shell companies that are set up to hide money.
BurklandAssociates
OCTOBER 4, 2022
Statistics estimate 80% of businesses plan to make all their systems SaaS by 2025, and the state legislatures are ‘trying’ to capture Read More. The post Important Sales Tax Updates All Startups Need to Know appeared first on Burkland. What is changing with the taxability of SaaS?
ThomsonReuters
MARCH 5, 2024
tax system, including provisions affecting both individuals and businesses. Among these were several payroll-related provisions that are set to expire at the end of 2025, presenting challenges and opportunities for employers and employees alike. Director of Federal Tax Quality Control at Aprio, began.
CPA Practice
NOVEMBER 17, 2023
By Katelyn Washington, Kiplinger Consumer News Service (TNS) Claiming the child tax credit and other family tax credits and deductions can lower your tax liability or increase your refund. How much is the 2024 child tax credit? That’s the number you’ll use for the tax returns you will file in early 2024.
CPA Practice
APRIL 16, 2024
Taylor, Kiplinger Consumer News Service (TNS) Retirees are being targeted by scams that not only bring financial devastation but also significant IRS tax bills. Casey believes that theft loss tax deduction limitations have contributed to retirees’ financial challenges. Larry later faced an IRS tax bill of over $220,000.
CPA Practice
DECEMBER 14, 2023
The Financial Accounting Standards Board ( FASB ) has issued an Accounting Standards Update (ASU) that addresses requests for improved income tax disclosures from investors, lenders, creditors, and other allocators of capital (collectively, “investors”) that use the financial statements to make capital allocation decisions.
CPA Practice
MAY 3, 2024
By Keith Laing, Bloomberg News (TNS) The Biden administration gave carmakers a partial reprieve in finalizing electric vehicle tax credit rules intended to loosen China’s grip on battery materials crucial to the car industry’s future. Starting in 2025, plug-in cars containing critical minerals from businesses controlled by U.S.
Accounting Today
JANUARY 26, 2024
Parts of Trump's 2017 tax-cut package will expire in 2025, and Biden would only extend tax breaks for individuals earning less than $400,000 a year.
TaxConnex
MARCH 30, 2023
Everything old is new again – and that goes for ideas of a national sales tax. 25 of the 118th Congress, the GOP’s “Fair Tax Act of 2023,” is the latest attempt. The embattled bill, now in committee, was introduced early this year to replace the federal income tax. What’s in the bill? Is the idea bad? The bill won’t pass.
CPA Practice
FEBRUARY 12, 2024
By Katelyn Washington, Kiplinger Consumer News Service (TNS) A proposal to end federal tax on Social Security retirement benefits would provide relief for retirees as early as next year. That’s because, as the bill is worded, federal taxes on Social Security income would be eliminated beginning in 2025 (tax returns filed in early 2026).
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